Breakingviews

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Macau was a winner in 2011. Gaming revenue grew 42 percent. As China gets richer, so will the garish, casino-filled enclave. An economic slowdown will hit casual gamblers, but high-rollers matter more. Macau will thrive as long China’s inequality and corruption go uncurbed.

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Top-tier casino operator Wynn has always bet on VIP gamblers. Now it is adopting the same approach with its stock market flotation. It remains to be seen whether this strategy can help justify its valuation premium.

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